The Saint always
03 Nov 2016
Director share transfer As per the RNS:"Churchill announces that on 3rd November 2016 it was notified that Mr Kiran Vadlamani, Director of the Company, transferred 18,939,687 ordinary shares from his associated company Cause First Ventures Limited to his individual name with an effective date of 3rd November 2016."Can anyone advise whether this has any significance and/or the reason he might have done this please?
searchers-son
30 Oct 2016
Re: Talk about being suspended need to buy a new box of kleenex
GPback
30 Oct 2016
Re: Talk about being suspended Stand down. All the stocks strangely have this this weekend.
GPback
30 Oct 2016
Talk about being suspended [link] luck if we are. RNS 7am just maybe.
searchers-son
28 Oct 2016
Re: hmm “The result of the monitoring could also be a reference for those of us who are currently revising the law on mineral and coal […]. So, any aspects that cause state financial losses could be regulated,” said Democratic Party lawmaker Mulyadi, who serves as a deputy chairman of the commission.
searchers-son
28 Oct 2016
hmm [link] House of Representatives has demanded that the Corruption Eradication Commission (KPK) strengthen its monitoring of the issuance of mining permits in an effort to cut red tape in the country’s mining sector.Speaking at the House of Representatives complex in Jakarta on Wednesday, lawmakers of House Commission VII overseeing energy affairs said with maximum supervision and monitoring from the anti-graft body, the potential of state losses of non-tax state revenue (PNBP) from the mining industry could be eliminated.“The result of the monitoring could also be a reference for those of us who are currently revising the law on mineral and coal […]. So, any aspects that cause state financial losses could be regulated,” said Democratic Party lawmaker Mulyadi, who serves as a deputy chairman of the commission.The legislators requested the assistance of the KPK in monitoring the issuance of licenses in response to the recent disclosure of a bribery case involving Southeast Sulawesi Governor Nur Alam, who was accused of issuing dubious mining licenses for personal gains.The KPK earlier said that a mining permit issued by Nur Alam violated regulations as the concession was located in a protected forest. As a consequence, the mining operations in the area could cost up to Rp 3.5 trillion (US$268.67 million) in environmental losses, including the loss of drinking water sources of local people.The anti-graft body accused Nur Alam of allegedly having received commission on the issuance of mining permits from nickel company Anugrah Harisma Barakah (AHB). He was named a suspect in August but had not been detained until now.Mulyadi said he hoped the KPK could provide data and information related to the monitoring of the issuance of permits to the Energy and Mineral Resources Ministry as Commission VII was eager to prevent such occurrences in the future.Golkar Party lawmaker Fadel Muhammad, another deputy chairman of the commission, suggested that the KPK give early admonition to the local and central governments if there were indications of corruption in the energy and mining sectors.It would be good for both those suspected of issuing illegal mining permits and for the state as those suspected might back off to maintain their good names while the state would not suffer loses, he added. Responding to the suggestions, KPK chairman Agus Rahardjo said the anti-graft body had provided all the data on its website, www.kpk.go.id, and also issued a warning several times to companies and institutions in various sectors, but admitted they were soft warnings.“We usually give a warning stating that there is a problem in the sector that needs to be fixed,” he said.Such warnings were considered sufficient for related parties to be made aware, he argued.“All we need to do after that is monitor them on whether they will follow up on the warning,” Agus said.In 2009, the KPK investigated former Pelalawan regent Tengku Azmun Jafar for the issuance of forestry permits to seven companies Tengku allegedly owned in the region, a part of Riau province. The KPK calculated that state losses in the case reached Rp 1.3 trillion. However, in June, Tengku was acquitted of all charges against him. (wnd)
nigel2222
24 Oct 2016
Re: GPback - retraction required Well written and I suggest you do what I did, namely put GPback on ignore.
indaknow
24 Oct 2016
GPback - retraction required GPbackYou naughty boy - you've been telling lies about me!---------- ---------- ------'Nigel, read my post and indaknow post again. I DIDN'T say the rns was biased in churchills favour, indaknow did.'---------- ---------- ------No, I didn't say any such thing! You posted last Friday morning that you believed I was alluding to the fact that the CHL case was biased in favour of the Company. That's an assumption on your part and nothing to do with me. It's bad enough that you reach these assumptions, but something else entirely to suggest that your assumptions are now fact!Couple of other points whilst I'm here:---------- ---------- ---------- ----'In an rns DQ will have to be factual. If there was anything materialleft out that later was found out then he would be liable as a company official. Therefore I'm concluding there isn't a skeleton and the case is as described. Compelling for a Churchill victory.' ---------- ---------- ---------- ---Rubbish. The RNS will have been checked for accuracy and to ensure that the Company doesn't issue any mis-leading statements that would give rise to a claim against the directors. However, the key point here is that the directors will simply state that their view is expressed in 'good faith' and is correct to the 'best of their knowledge'. There is simply no material difference with the approach here and the approach taken by the directors of OXS, RUR and Metal Tech. All of them believed (I would argue genuinely) that they had done nothing wrong, were the victims of unfair practices and therefore could rely on the arbitration for an adequate remedy. Sadly this didn't happen. It doesn't mean that the directors left out information or embellished their case; simply that the arbitration panel didn't agree. ---------- ---------- 'I've been through the legal system several times and I'll tell you it's a screaming buy based on the clear balanced CC portrayal in the RNS. CC will have played it and it reads uber shareholder friendly.'---------- ---------- Are you implying that you've got first hand experience of analysing a Bilateral Investment Treaty, or that you've read through the RNS a few times and believe you have a 'feel for the case'?Again, OXS, RUR and Metal Tech all issued balanced and informative RNS's to the market to outline why they had such strong cases. I recall well the OXS case where BB posters would pore over every word and why this particular word had been used and why it was clearly an easy win..... All of the RNSs read 'uber shareholder friendly'. They are hardly going to say '50/50 punt, probably same type of chance as the 3.30pm at Kempton'! Like everyone else here, we all want to win and win big. However, the recklessness with which you suggest this is a 'screaming buy' must be tempered with the experiences and knowledge of other recent arbitration results.
searchers-son
22 Oct 2016
hotbed of illegal levies' [link] and mineral resources sector is vulnerable to illegal levies, as people often deal with red tape when applying for numerous permits, experts said on Friday.The process of applying for mineral and coal mining permits, product mining licenses and other types of permits usually have vague time frames, Fabby Tumiwa, the executive director from the Institute for Essential Services Reform (IESR) said.“Basically, this sector is prone to illegal levies because a huge effort is needed to obtain certain permits. The permits usually have high economic value,” he explained.As people face hurdles to obtain permits, they may find shortcuts by bribing state apparatuses, he said.Maryati Abdullah, the coordinator for civil society organization Publish What You Pay Indonesia, said that the government has to create transparent procedures to combat illegal levies.“The government should provide an online system to minimize interaction between its officials and customers. Service standard processing times should also be published online,” she said.On Friday, Coordinating Political, Legal and Security Affairs Minister Wiranto announced that President Joko “Jokowi” Widodo has signed presidential regulation No. 87 on Tim Saber Pungli (Eradication of Illegal Fees Team), as stated by Kompas.The action shows the government’s seriousness in combating illegal levies that have been rampant long before the President took office in 2014. (win/bbn)
GPback
21 Oct 2016
Re: I think it's a strong buy Nigel, read my post and indaknow post again. I DIDN'T say the rns was biased in churchills favour, indaknow did. On your second point, the reasons people would take positions now rather than several weeks before the case was clearly laid out in the rns, IS because it has just been laid out in all its shambollic (for the ROI) glory!I've been through the legal system several times and I'll tell you it's a screaming buy based on the clear balanced CC portrayal in the RNS. CC will have played it and it reads uber shareholder friendly. I've bought 300k based on what I understood prior. I'll definitely add going forwards now.
nigel2222
21 Oct 2016
Re: I think it's a strong buy You may have followed the Churchill case for years but, as has been written in more than one post, you are reporting on only one side of the argument. Clearly the Indonesian government think's it too has a case, or they wouldn't have fought it. You wrote that the RNS appears biased towards Churchill. I would be extremely worried if it didn't, but we don't know what case the other side has, how it was put or what the court will make of it.Why you are expecting people to take positions “now” as opposed to several weeks ago when the price started to move up is beyond me, and there is no need for you to post your reasons.
GPback
21 Oct 2016
Re: I think it's a strong buy Indaknow. I didn't follow those other cases. What I have followed for all these years is this one. One of the angles you say about the rns is it is one sided and I'm going to allude you mean biased towards Churchill. I'm going to question this. In an rns DQ will have to be factual. If there was anything materialleft out that later was found out then he would be liable as a company official. Therefore I'm concluding there isn't a skeleton and the case is as described. Compelling for a Churchill victory. Now you say there is a big difference between $1 and a $1 billion. You mean $1.315 billion plus interest? The Court will look at the whole case when it issues the compensation including the behaviour of the ROI which was a total shambles. I'm therefore expecting the higher end but if not then my average of 30p (still adding) giving the company a mcap of £40 mill is pitiful against even have the monies awarded (£4 per share). We'll all be quids in. Now I see you are trying to discredit me. That's ok, I said solg would hit 24-26.5p (I've still a large holding) and it may just do that in the coming days (I'm actually hoping for 50p). BLVN was a disappointment and didn't do what I expected. What I expect CHL to do now is begin to rise as people take positions. The company has prewarned us that the judgement could be at any time (I'm expecting to be suspended btw) so trade away at your peril is my message. I think a run up to 50p is possible too.
nigel2222
20 Oct 2016
Re: From maestro1 on LSE... I have no doubt that Indonesia also thinks it has case. All we have seen is the Churchill side. Without listening to all of the evidence none of us is in any positon to decide which of the cases is stronger. I'm sure there was a great deal of evidence, on both sides, which ICSID is having to go through, plus they are involved in other cases.That's why it hasn't been "thrown out already". It might be, but equally it might not be and that's why we just have to be patient, and hopeful.
Jitter
20 Oct 2016
From maestro1 on LSE... read through the rns how and why this forgery case is still running is baffling, should have been thrown out along time ago.========== ========-- Isran Noor - who Churchill considers to be a key figure in this dispute - refused to attend the hearing and as a result of his refusal to attend, the Tribunal formally excluded his evidence, effectively disposing of Indonesia's allegation that Mr Noor was "tricked" into hand signing the long-term (initial term of 20 years with options to extend for a further 20 years) Exploitation Licences. -- the most senior of Indonesia's witnesses was evasive and repeatedly called for people including Mr Noor, his lawyer and his "friend" General Prabowo to answer questions about the events that took place; -- evidence was introduced (supported by Indonesia's witnesses) that showed Nusantara did not have valid title to the EKCP area at the time Ridlatama was granted its general survey licences; -- evidence was introduced that extensive survey, exploration and pre-development work was undertaken at the EKCP by Ridlatama / Churchill while complying with the East Kutai Regency and the Ministry of Energy and Mineral Resources ("MEMR"
filing and payment requirements. Indonesia on the other hand failed to introduce any evidence that Nusantara performed any work or complied with any of its payment and reporting obligations between 2006 and July 2008, when Nusantara's exploration licences were extended or revised (unlawfully, in Churchill's view) by Mr Noor;
indaknow
20 Oct 2016
Re: I think it's a strong buy GP It's hardly surprising that the Company present what seems like a very compelling case. Do you think the Indonesians won't be doing the same? Oxus, Rurelec and Metal Tech all said the same things, yet ultimately only Rurelec were successful in their claim and even then the payout was peanuts. Evidence that has come out from Oxus after their failed claimed seems to support the fact that the arbitration has incorrectly applied the law. It doesn't change the fact that the Company is now in administration. Arbitrations are notoriously difficult to call, even when there seems on face value to be a clear case. You'll have noted that the rns yesterday went to great lengths to explain the merits of the case, yet didn't want to do the same to justify the quantum. There's a large spread between $0 and $1 billion... The idea that hedge funds and the wider market are going to pile in here as a result of yesterday's rns is simply laughable. I remember you ramping blvn for weeks on end and no rise was forthcoming. You did the same with solg (and the rise now was well after your ramp). You're like a slightly more believable version of alltold9.
